New York Guaranty Company v. Memphis Water Company - 107 U.S. 205 (1883)
U.S. Supreme Court
New York Guaranty Company v. Memphis Water Company, 107 U.S. 205 (1883)
New York Guaranty Company v. Memphis Water Company
Decided March 12, 1883
107 U.S. 205
1. An assignee of a chose in action, or any other cestui que trust, cannot, merely on the ground that his interest is an equitable one, proceed in a court of equity to recover his demand. Hayward v. Andrews, 106 U. S. 672, cited upon this point and approved.
2. The courts of the United States especially, in view of the act of Congress declaring that suits in equity shall not be sustained where there is a plain, adequate, and complete remedy at law, should enforce this rule.
3. Certain parties holding bonds secured by a mortgage filed their bill to recover moneys alleged to be due on a contract which the City of Memphis made with the mortgagor, and which was assigned in the mortgage as part of the security for the bonds. Held that the bill will not lie, the demand against the city being cognizable at law in the name of the mortgagor, and no special circumstances shown for a resort to equity.
The case is stated in the opinion of the Court.